Bed Bath & Beyond is becoming a symbol of the saying ‘get woke and go broke.’
The chain of home furnishing stores has been struggling financially ever since they decided to stop carrying MyPillow products over the politics of the company’s founder, Mike Lindell.
Now they are going to close another 87 stores.
The Hill reports:
Bed Bath & Beyond announces 87 more store closures
Bed Bath & Beyond told Nexstar Monday that it will be closing 87 additional stores, an announcement that comes days after the beleaguered home goods chain said it had defaulted on its loans.
The company also plans to close five buybuy BABY stores as well as all of its Harmon beauty locations.
Bed Bath & Beyond said the closures are being done to increase efficiency as the company works with advisors to “consider multiple paths” as the retailer tries to turn the business around.
“This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores,” a spokesperson told Nexstar. “We will update all stakeholders on our plans as they develop and finalize.”
Impacted store locations were not immediately available Monday.
Last Thursday, Bed Bath & Beyond said in a Securities and Exchange Commission filing that it had defaulted on its loans, which may force it to consider restructuring its debt in bankruptcy court.
The filing included some of the other strategies Bed Bath & Beyond is employing to improve its financial position, such as lowering costs, trimming capital expenditures, trying to rework rental deals with landlords and reducing the footprint of its stores, as well as the caveat that “these measures may not be successful.”
They made a big mistake.
They lost my business when they went WOKE. I spent a lot there annually. Big mistake to cancel Mike Lindell…. Big Mistake.
Exclusive: Bed Bath & Beyond preparing to file bankruptcy as soon as this week | Reuters https://t.co/ExBscnButP
— Juanita Broaddrick (@atensnut) January 31, 2023
Imagine if Mike Lindell bought the company.
Wait til @realMikeLindell buys @BedBathBeyond
— Jack Posobiec 🇺🇸 (@JackPosobiec) January 26, 2023
That would be a very funny ending to this story.